The Crypto Market Just Hit a New Low for 2018

The total market capitalization for all cryptocurrencies just fell to its lowest point in 2018. The developments come after the US Securities and Exchange Commission (SEC) delayed a decision on a proposed bitcoin exchange-traded fund (ETF). The news triggered a market reaction, ultimately sending the total value of all cryptocurrencies down to $227.8 billion on Wednesday – the lowest level since November 2017 – according to data from CoinMarketCap.  The drop to nine-month lows marks a 10.7 percent depreciation on a 24-hour basis. As of press time, the market capitalization had risen back…

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Bitcoin Outlook Sours As Price Sheds 70% of Recent Rally

Bitcoin’s recent downtrend has deepened in the wake of a decision by the Securities and Exchange Commission (SEC) to delay a ruling on a keenly awaited bitcoin ETF. The leading cryptocurrency was expected to stage a minor corrective rally in the last 24 hours, having defended the key 50-day moving average (MA) support earlier this week. However, the sellers made a strong comeback above $7,100 after the SEC exercised its right to postpone the decision on whether to approve a rule that would allow Chicago Board Options Exchange (CBOE) to…

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SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

The U.S. Securities and Exchange Commission (SEC) has delayed a decision on a proposed bitcoin ETF, pushing its final determination ahead by more than a month. In an order published on August 7, officials at the agency wrote that they were giving themselves more time to deliberate on whether to approve what would be the first exchange-traded product of its kind in the U.S. It’s also perhaps unsurprising, given that in the past, SEC officials have used the agency’s statutory powers to push back decisions on bitcoin ETFs in the…

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Bitcoin Price Eyes $7.4K After Defense of Key Support

Bitcoin looks primed for a minor rally, having defended a key moving average support in the last 72 hours. The 50-day moving average (MA), one of the most widely tracked technical indicators, was put to test in the previous two trading days. However, on both occasions, prices failed to penetrate the MA support by the daily close (as per UTC), signaling bearish exhaustion. Today, BTC is following a similar pattern. The leading cryptocurrency picked up a bid around the 50-day MA support of $6,938 earlier today and rose back above…

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Below $7K: Bitcoin Market Indecisive After 19-Day Lows

Bitcoin’s (BTC) price is trading in an indecisive manner after hitting 19-day lows below $6,900 on Sunday, but could pick up a bid on acceptance above $7,100, technical studies indicate. The leading cryptocurrency fell to $6,890 on Bitfinex yesterday – its lowest level since July 17 – before ending the day (as per UTC) on a flat note at $7,025. The price action indicates indecision in the marketplace, but could also be considered a sign of bearish exhaustion as the market is looking indecisive after a 21 percent slide from…

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Don’t Expect New Bitcoin Highs in 2018

Tuur Demeester is an economist and investor. The following article references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for that. Despite an already six month cool-off period, for 2018 we see more sideways and downside potential in the bitcoin price due to sluggish retail demand, hesitation from institutions and a current market cap that seems too high relative to the activity occurring on available blockchains. Many investors and advisors are on record stating that $5,700 was…

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Bitcoin Eyes Short-Term Bear Market After Two-Week Lows

Bitcoin’s (BTC) price pullback from the recent highs above $8,500 is increasingly looking like a short-term bear market, technical chars indicate. The leading cryptocurrency fell to a two-week low of $7,282 earlier today on Biffinex and was last seen trading at $7,350 – down 3 percent on a 24-hour basis. The sell-off from the recent high of $8507 had shown signs of exhaustion near $7,455 (38.2 percent Fibonacci retracement of the rally from the June low of $5,755) on Wednesday, raising prospects of a move higher to $8,000. However, BTC…

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Bitcoin Bulls Defend $7,450 But Need Progress Soon

Having defended the key support of $7,455, bitcoin bulls now need a quick move higher in order to neutralize the threat of a short-term bearish reversal. As of writing, the cryptocurrency is trading at $7,560 on Bitfinex – down 11 percent from the recent high of $8,507, as per Bitfinex data, but is still up more than 30 percent compared to the June 24 low of $5,755. So, it is safe to say the bullish trend is still intact. Further, BTC’s solid defense of $7,455 (38.2 percent Fibonacci retracement of…

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Bitcoin’s Price Snaps Longest Monthly Losing Streak Since 2016

Bitcoin’s price posted gains in the first month of the third quarter, snapping the longest losing streak it’s seen in nearly two years. The world’s largest cryptocurrency by market capitalization rose 20 percent in July, having registered losses in the previous two months – the first instance of back-to-back monthly drops since August 2016. At press time, bitcoin (BTC) is trading at $7,580, according to CoinDesk’s Bitcoin Price Index (BPI). At first instance, the rally seen in July may appear corrective in nature as BTC was looking oversold at the…

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Bitcoin’s Price Eyes Consolidation After 11% Price Drop

Bitcoin (BTC) could be in for a minor bout of consolidation as the technical charts show indecision in the marketplace following an 11 percent drop from the recent highs above $8,500. At press time, the cryptocurrency is trading at $7,600 on Bitfinex, having clocked a nine-day low of $7,469 earlier today. A minor correction was overdue as BTC looked overbought a week ago at the two-month high of $8,507. However, things took a turn for the worse in the last 24 hours as BTC’s overlong sideways action ended with a…

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